Jersey To Probe Firms In Money Laundering Review

by Amanda Banks, Lowtax.net, London
08 March, 2018

The Jersey Financial Services Commission says it intends to start collecting data from regulated persons next week in connection with its planned money laundering and terrorist financing national risk assessment.

The national risk assessment is necessary to comply with international money laundering and countering the financing of terrorism standards, which require all countries to identify, assess, and understand money laundering and terrorist financing risks, and take action and apply resources to effectively mitigate these risks. It is also incumbent on all countries to explain how this will be done.

The Commission has already said data will be collected under the national risk assessment in three phases over 2018 and 2019. The first phase starts on March 14, 2018, with questionnaires (and guidance) being sent to regulated entities who have until April 25, 2018, to complete them.

The Commission says that once the first data collection phase is underway preparatory work can continue on the second and third phases. These phases will collect substantially more data on customers and key risk indicators by sector and, where necessary, within sectors.

The Commission says it plans to start this exercise in mid-March and hopes that data from phases two and three will be available for analysis by the start of September 2018. Following this, a first draft of a national risk assessment report will be completed, before the end of 2018.

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